Question

In a market economy, which of the following is most important if one is going to achieve high earnings?

a) Hard work.
b) The ability to help provide products that others value highly.
c) Having a graduate degree in a field or a PhD.
d) Membership in a national labor union

Answer 1

Option A. Hard work

The opportunity cost of going to graduate school is too high. Opportunity cost is a key concept in economics, and has been described as expressing the basic relationship between Scarcity and Choice.